S&P 500 FINANCIALS INDEX
The Alerian MLP Index rose 1.60 to the 377s (after topping 380 in the AM) while the REIT index was up 1 to the 237s (a multi year high). Junk bond funds gained, creeping back up to the highs reached late last year. Treasuries dipped, the yield on the 10 year Treasury bond rose 1½ basis points to 3.59%, remaining on a higher plateau then in months previous
Alerian MLP Index --- YTD
Dow Jones REIT Index --- YTD
10-Year Treasury Yield Index --- YTD
Oil & gold gave back some of the AM gains. Oil has hit 92 three times in the last few months where it stalled. Oversupply is on traders' minds but they are also watching events in the Mideast. Iran is sending 2 gunboats thru the Suez Canal, one more potential problem. Gold is up 80 from its recent lows, & getting close to break even YTD..
|CLH11.NYM||...Crude Oil Mar 11||...86.18 ||... 0.18 (0.2%)|
|GCG11.CMX||...Gold Feb 11||.......1,388.00 ||... 3.30 (0.2%)|
$$$ Gold Super Cycle $$$
OIL (ETF) --- YTD
GLD (ETF) --- YTD
Caterpillar (CAT), a Dow stock, said worldwide demand for its heavy construction & mining equipment continues to be strong, with sales growing 49% in Jan. Machinery sales were strongest in North America, where sales grew 58% (off depressed levels) from a year earlier, & Latin America, where sales surged 56%. Engine sales also improved but not as much as machinery, up 23%. Last month, CAT reported Q4 net income more than quadrupled to $968M as its sales surged 62% to $12.8B. The stock rose 2.46 to another record high.
Caterpillar --- 1 year
The Justice Dept & FTC are examining whether the Apple (AAPL) new media subscription service violates antitrust laws, So far, they haven’t decided whether to pursue a more formal investigation as the examination is at a preliminary stage (according to The Wall Street Journal). Earlier this week AAPL said it was starting a subscription service for publishers to sell newspapers & magazines on the iPad & other devices through the company’s online App Store. AAPL will take a 30% cut of any subscription purchased through its store. The FTC has been reviewing separate allegations that AAPL is engaging in anti-competitive tactics to restrict rivals in the mobile-advertising market. The stock dropped almost 8 to 350 today after pulling back.(off a record high) in recent days.
U.S. Said to Examine New Apple Service for Violations
Apple --- YTD
Unrest in the world goes beyond the Mideast. Wisconsin & now Ohio are seeing major labor unrest from state employees who are not happy with proposed cutbacks in their luxurious benefits (better than those for many taxpayers). More layoffs are coming (maybe even federal employees) which will add to the bloated unemployment ranks. For bulls, this is just a technicality. This is a long weekend, but if there are new developments overseas they will be felt in foreign markets which are open on Mon.
Happy Holiday to all!!
Dow Jones Industrials --- YTD
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